Form 8-K

8-K — COPT DEFENSE PROPERTIES

Accession: 0000860546-26-000024

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0000860546

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cdp-20260427.htm (Primary)

EX-99.1 (cdp03312026ex991.htm)

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8-K

8-K (Primary)

Filename: cdp-20260427.htm · Sequence: 1

cdp-20260427

0000860546false00008605462026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

____________________________________________

COPT DEFENSE PROPERTIES

(Exact name of registrant as specified in its charter)

Maryland 1-14023 23-2947217

(State or other jurisdiction (Commission File (IRS Employer

of incorporation) Number) Identification No.)

6711 Columbia Gateway Drive, Suite 300, Columbia, MD

21046

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (443) 285-5400

____________________________________________

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares of beneficial interest, $0.01 par value CDP New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On April 27, 2026, COPT Defense Properties (the “Company”) issued a press release relating to its financial results for the period ended March 31, 2026 and, in connection with this release, is making available certain supplemental information pertaining to its properties and operations. The earnings release and supplemental information are included as Exhibit 99.1 to this report and are incorporated herein by reference.

The information included herein, including the exhibits, shall not be deemed “filed” for any purpose, including the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to liabilities of that Section. The information included herein, including the exhibits, shall also not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number Exhibit Title

99.1

COPT Defense Properties earnings release and supplemental information for the period ended March31, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COPT DEFENSE PROPERTIES

/s/ Anthony Mifsud

Anthony Mifsud

Executive Vice President and Chief Financial Officer

Date: April 27, 2026

EX-99.1

Filename: cdp03312026ex991.htm · Sequence: 2

Document

Exhibit 99.1

COPT Defense Properties

Supplemental Information + Earnings Release - Unaudited

For the Period Ended 3/31/26

OVERVIEW

Summary Description

Equity Research Coverage

Selected Financial Summary Data

Selected Portfolio Data

FINANCIAL

STATEMENTS

Consolidated Balance Sheets

Consolidated Statements of Operations

Funds from Operations

Diluted Share + Unit Computations

Adjusted Funds from Operations

EBITDAre + Adjusted EBITDA

PORTFOLIO INFORMATION

Properties by Segment

Consolidated Real Estate Revenues + NOI by Segment

Cash NOI by Segment

NOI from Real Estate Operations + Occupancy by Property Grouping

Same Property Average Occupancy Rates by Segment

Same Property Period End Occupancy Rates by Segment

Same Property Real Estate Revenues + NOI by Segment

Same Property Cash NOI by Segment

Leasing

Lease Expiration Analysis

2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis

Top 20 Tenants

INVESTING ACTIVITY

Summary of Development Projects

Summary of Land Owned/Controlled

CAPITALIZATION

Capitalization Overview

Summary of Outstanding Debt

Debt Analysis

Consolidated Real Estate Joint Ventures

Unconsolidated Real Estate Joint Ventures

Please refer to the section entitled “Definitions” for definitions of non-GAAP measures

and other terms we use herein that may not be customary or commonly known.

RECONCILIATIONS + DEFINITIONS

Supplementary Reconciliations of Non-GAAP Measures

Definitions

EARNINGS RELEASE

COPT Defense Properties

Summary Description

THE COMPANY

COPT Defense Properties (the “Company” or “COPT Defense”), an S&P MidCap 400 Company, is a self-managed real estate investment trust (“REIT”) focused on owning, operating, and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. The ticker symbol under which our common shares are publicly traded on the New York Stock Exchange is “CDP”. As of March 31, 2026, our Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.4% leased.

MANAGEMENT INVESTOR RELATIONS

Stephen E. Budorick, President + CEO Venkat Kommineni, VP

Britt A. Snider, EVP + COO

443.285.5587 | venkat.kommineni@copt.com

Anthony Mifsud, EVP + CFO

Michelle Layne, Senior Manager

443.285.5452 | michelle.layne@copt.com

CORPORATE CREDIT RATING

Fitch: BBB- Stable | Moody’s: Baa2 Stable | S&P: BBB- Stable

DISCLOSURE STATEMENT

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan,” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations, estimates, and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates, and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and we undertake no obligation to update or supplement any forward-looking statements. The areas of risk that may affect these expectations, estimates, and projections include, but are not limited to, those risks described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Equity Research Coverage

FIRM SENIOR ANALYST PHONE EMAIL

BTIG Tom Catherwood 212.738.6410 tcatherwood@btig.com

Cantor Fitzgerald Richard Anderson 929.441.6927 richard.anderson@cantor.com

Citigroup Global Markets Seth Bergey 212.816.2066 seth.bergey@citi.com

Evercore ISI Steve Sakwa 212.446.9462 steve.sakwa@evercoreisi.com

Green Street Dylan Burzinski 949.640.8780 dburzinski@greenstreet.com

Jefferies Joe Dickstein 212.778.8771 jdickstein1@jefferies.com

JP Morgan Tony Paolone 212.622.6682 anthony.paolone@jpmorgan.com

Truist Securities Michael Lewis 212.319.5659 michael.r.lewis@truist.com

Wells Fargo Securities Blaine Heck 410.662.2556 blaine.heck@wellsfargo.com

With the exception of Green Street, the above-listed firms are those whose analysts publish research material on the Company and whose estimates of our FFO per share can be tracked through FactSet. Any opinions, estimates, or forecasts the above analysts make regarding COPT Defense’s future performance are their own and do not represent the views, estimates, or forecasts of COPT Defense’s management.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data

(in thousands, except per share data)

Page Three Months Ended

SUMMARY OF RESULTS Refer. 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Net income

$ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 36,228

NOI from real estate operations

$ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 107,446

Same Property NOI

$ 110,381 $ 110,957 $ 111,277 $ 111,907 $ 107,046

Same Property cash NOI

$ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 100,792

Adjusted EBITDA

$ 107,832 $ 108,223 $ 103,771 $ 104,726 $ 99,119

FFO per NAREIT

$ 81,838 $ 82,371 $ 82,090 $ 80,471 $ 76,028

Diluted AFFO avail. to common share and unit holders

$ 65,084 $ 57,209 $ 63,274 $ 57,660 $ 56,045

Dividend per common share N/A $ 0.32 $ 0.305 $ 0.305 $ 0.305 $ 0.305

Per share - diluted

EPS

$ 0.34 $ 0.33 $ 0.37 $ 0.34 $ 0.31

FFO - Nareit

$ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 0.65

FFO - as adjusted for comparability

$ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 0.65

Numerators for diluted per share amounts

Diluted EPS

$ 38,395 $ 37,388 $ 41,594 $ 38,235 $ 34,597

Diluted FFO available to common share and unit holders

$ 80,168 $ 80,358 $ 80,093 $ 78,635 $ 74,393

Diluted FFO available to common share and unit holders, as adjusted for comparability

$ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 74,393

1Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Financial Summary Data (continued)

(in thousands, except ratios)

Page As of or for Three Months Ended

PAYOUT RATIOS AND CAPITALIZATION Refer. 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

GAAP

Payout ratio

Net income N/A 92.5% 89.3% 80.5% 87.7% 97.2%

Capitalization and debt ratios

Total assets

$ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950 $ 4,250,311

Total equity

$ 1,566,641 $ 1,562,169 $ 1,555,039 $ 1,545,741 $ 1,538,291

Debt per balance sheet

$ 2,546,958 $ 2,767,834 $ 2,443,518 $ 2,438,591 $ 2,412,670

Debt to assets

57.1% 58.9% 56.2% 56.9% 56.8%

Net income to interest expense ratio

1.7x 1.6x 2.1x 1.9x 1.8x

Debt to net income ratio

15.9x 17.6x 14.0x 15.2x 16.6x

Non-GAAP

Payout ratios

Diluted FFO N/A 46.0% 43.5% 43.7% 44.5% 47.0%

Diluted FFO - as adjusted for comparability N/A 46.0% 43.5% 43.7% 44.5% 47.0%

Diluted AFFO N/A 56.6% 61.2% 55.3% 60.7% 62.4%

Capitalization and debt ratios

Total Market Capitalization

$ 6,112,751 $ 5,997,335 $ 5,814,654 $ 5,640,563 $ 5,578,378

Total Equity Market Capitalization

$ 3,543,847 $ 3,206,035 $ 3,352,013 $ 3,181,463 $ 3,143,822

Net debt

$ 2,614,344 $ 2,589,666 $ 2,512,124 $ 2,489,618 $ 2,462,248

Net debt to adjusted book

40.6% 40.5% 40.2% 40.6% 40.7%

Adjusted EBITDA fixed charge coverage ratio

4.3x 4.3x 4.8x 4.9x 4.7x

Net debt to in-place adjusted EBITDA ratio

6.1x 5.9x 6.1x 5.9x 6.1x

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio

5.9x 5.8x 5.8x 5.8x 6.0x

1Q 2026 Supplemental Information Package

COPT Defense Properties

Selected Portfolio Data (1)

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

# of Properties

Total Portfolio 207 207 204 204 204

Consolidated Portfolio 183 183 180 180 180

Defense/IT Portfolio 201 201 198 198 198

Same Property 203 203 203 203 203

% Occupied

Total Portfolio 94.4 % 94.0 % 93.9 % 94.0 % 93.6 %

Consolidated Portfolio 93.2 % 92.8 % 92.6 % 92.8 % 92.3 %

Defense/IT Portfolio 95.6 % 95.5 % 95.4 % 95.6 % 95.3 %

Same Property 94.2 % 93.9 % 93.9 % 94.0 % 93.6 %

% Leased

Total Portfolio 95.2 % 95.3 % 95.7 % 95.6 % 95.1 %

Consolidated Portfolio 94.3 % 94.3 % 94.8 % 94.6 % 94.0 %

Defense/IT Portfolio 96.4 % 96.5 % 97.0 % 96.8 % 96.6 %

Same Property 95.1 % 95.4 % 95.7 % 95.5 % 95.1 %

Square Feet (in thousands)

Total Portfolio 25,155 25,147 24,585 24,571 24,548

Consolidated Portfolio 20,859 20,851 20,290 20,276 20,253

Defense/IT Portfolio 23,167 23,159 22,597 22,583 22,560

Same Property 24,557 24,557 24,557 24,557 24,557

(1)Except for the Consolidated Portfolio, includes properties owned through unconsolidated real estate JVs (see page 31).

1Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Balance Sheets

(in thousands)

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Assets

Properties, net

Operating properties, net $ 3,494,556 $ 3,500,087 $ 3,372,672 $ 3,359,676 $ 3,343,341

Development and redevelopment in progress, including land (1) 120,936 95,284 140,091 108,710 89,132

Land held (1) 187,484 188,106 213,093 214,170 211,009

Total properties, net 3,802,976 3,783,477 3,725,856 3,682,556 3,643,482

Property - operating lease right-of-use assets 48,906 50,383 51,838 53,271 54,374

Cash and cash equivalents 28,580 274,986 23,687 21,288 24,292

Investment in unconsolidated real estate joint ventures 35,818 36,368 36,301 38,555 38,960

Accounts receivable, net 51,907 58,185 38,931 43,873 45,924

Deferred rent receivable 182,647 177,921 173,758 171,257 165,968

Lease incentives, net 71,879 72,347 68,263 66,478 64,260

Deferred leasing costs, net 76,430 75,052 72,272 73,342 71,468

Investing receivables, net 69,922 69,856 79,772 79,300 78,430

Prepaid expenses and other assets, net 89,844 103,215 80,754 57,030 63,153

Total assets $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950 $ 4,250,311

Liabilities and equity

Liabilities

Debt $ 2,546,958 $ 2,767,834 $ 2,443,518 $ 2,438,591 $ 2,412,670

Accounts payable and accrued expenses 116,954 147,200 135,331 106,749 98,039

Rents received in advance and security deposits 40,252 37,914 36,988 37,799 41,624

Dividends and distributions payable 37,102 35,205 35,220 35,214 35,208

Deferred revenue associated with operating leases 47,874 47,714 43,671 39,325 38,915

Property - operating lease liabilities 43,768 45,012 46,203 47,372 48,216

Other liabilities 34,230 33,236 31,245 12,901 13,809

Total liabilities 2,867,138 3,114,115 2,772,176 2,717,951 2,688,481

Redeemable noncontrolling interest 25,130 25,506 24,217 23,258 23,539

Equity

COPT Defense’s shareholders’ equity

Common shares 1,134 1,132 1,130 1,129 1,129

Additional paid-in capital 2,500,341 2,502,661 2,497,736 2,495,422 2,492,454

Cumulative distributions in excess of net income (986,706) (988,957) (991,935) (999,218) (1,003,120)

Accumulated other comprehensive income (loss) 34 (61) 79 342 403

Total COPT Defense’s shareholders’ equity 1,514,803 1,514,775 1,507,010 1,497,675 1,490,866

Noncontrolling interests in subsidiaries

Common units in the Operating Partnership 33,687 29,317 33,024 33,181 32,745

Other consolidated entities 18,151 18,077 15,005 14,885 14,680

Total noncontrolling interests in subsidiaries 51,838 47,394 48,029 48,066 47,425

Total equity 1,566,641 1,562,169 1,555,039 1,545,741 1,538,291

Total liabilities, redeemable noncontrolling interest, and equity $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950 $ 4,250,311

(1)Refer to pages 24 and 25 for detail.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Statements of Operations

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Revenues

Lease revenue $ 192,971 $ 185,002 $ 178,272 $ 175,598 $ 175,308

Other property revenue 1,625 1,483 2,038 1,859 2,289

Construction contract and other service revenues 6,041 10,872 8,485 12,458 10,259

Total revenues 200,637 197,357 188,795 189,915 187,856

Operating expenses

Property operating expenses 81,435 74,616 70,356 66,915 72,040

Depreciation and amortization associated with real estate operations 42,685 42,263 40,631 39,573 39,359

Construction contract and other service expenses 5,552 10,432 7,952 11,873 9,705

General and administrative expenses 8,456 7,943 8,483 8,202 8,148

Leasing expenses 2,994 2,896 2,449 2,613 2,999

Business development expenses and land carry costs 1,199 904 1,098 1,096 1,009

Total operating expenses 142,321 139,054 130,969 130,272 133,260

Interest expense (23,996) (24,324) (20,894) (20,938) (20,504)

Interest and other income, net 3,955 5,301 2,591 1,223 1,568

Gain on sales of real estate 582 32 3,018 — 300

Loss on early extinguishment of debt — (66) — — —

Income before equity in income of unconsolidated entities and income taxes 38,857 39,246 42,541 39,928 35,960

Equity in income of unconsolidated entities 1,406 265 1,815 355 371

Income tax expense (124) (115) (612) (117) (103)

Net income 40,139 39,396 43,744 40,166 36,228

Net income attributable to noncontrolling interests

Common units in the Operating Partnership (812) (743) (924) (846) (726)

Other consolidated entities (771) (1,152) (1,093) (973) (762)

Net income attributable to common shareholders $ 38,556 $ 37,501 $ 41,727 $ 38,347 $ 34,740

Amount allocable to share-based compensation awards (161) (113) (133) (112) (143)

Numerator for diluted EPS $ 38,395 $ 37,388 $ 41,594 $ 38,235 $ 34,597

1Q 2026 Supplemental Information Package

COPT Defense Properties

Funds from Operations

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Net income $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 36,228

Real estate-related depreciation and amortization 42,685 42,263 40,631 39,573 39,359

Gain on sales of real estate (582) (32) (3,018) — (300)

Depreciation and amortization on unconsolidated real estate JVs (1) 742 744 733 732 741

Gain on sale of real estate on unconsolidated real estate JV (1) (1,146) — — — —

FFO - per Nareit (2) 81,838 82,371 82,090 80,471 76,028

FFO allocable to other noncontrolling interests (3) (1,131) (1,524) (1,502) (1,382) (1,158)

Basic FFO allocable to share-based compensation awards (603) (543) (548) (550) (530)

Basic FFO available to common share and common unit holders (2) 80,104 80,304 80,040 78,539 74,340

Diluted FFO adjustments allocable to share-based compensation awards 64 54 53 96 53

Diluted FFO available to common share and common unit holders - per Nareit (2) 80,168 80,358 80,093 78,635 74,393

Loss on early extinguishment of debt — 66 — — —

Loss on early extinguishment of debt on unconsolidated real estate JVs (1) — — 28 — —

Diluted FFO available to common share and common unit holders, as adjusted for comparability (2) $ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 74,393

(1)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

(3)Pertains to noncontrolling interests in consolidated real estate JVs reported on page 30.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Diluted Share + Unit Computations

(in thousands, except per share data)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

EPS Denominator

Weighted average common shares - basic 112,806 112,733 112,485 112,459 112,383

Dilutive effect of share-based compensation awards 1,031 850 702 765 643

Dilutive exchangeable debt 472 — — — —

Weighted average common shares - diluted 114,309 113,583 113,187 113,224 113,026

Diluted EPS $ 0.34 $ 0.33 $ 0.37 $ 0.34 $ 0.31

Weighted Average Shares for period ended

Common shares 112,806 112,733 112,485 112,459 112,383

Dilutive effect of share-based compensation awards 1,031 850 702 765 643

Common units 2,063 1,926 2,182 2,177 2,047

Dilutive exchangeable debt 472 — — — —

Denominator for diluted FFO per share and as adjusted for comparability 116,372 115,509 115,369 115,401 115,073

Weighted average common units (2,063) (1,926) (2,182) (2,177) (2,047)

Denominator for diluted EPS 114,309 113,583 113,187 113,224 113,026

Diluted FFO per share - Nareit (1) $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 0.65

Diluted FFO per share - as adjusted for comparability (1) $ 0.69 $ 0.70 $ 0.69 $ 0.68 $ 0.65

(1)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Adjusted Funds from Operations

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Diluted FFO available to common share and common unit holders, as adjusted for comparability (1) $ 80,168 $ 80,424 $ 80,121 $ 78,635 $ 74,393

Straight line rent adjustments and lease incentive amortization (1,330) 3,634 5,053 (1,836) (1,699)

Amortization of intangibles and other assets included in NOI 60 (384) 42 64 162

Share-based compensation, net of amounts capitalized 3,186 2,954 2,961 2,924 2,854

Amortization of deferred financing costs 832 817 657 657 667

Amortization of net debt discounts, net of amounts capitalized 1,217 1,282 1,070 1,060 1,051

Replacement capital expenditures (1) (19,205) (31,290) (26,982) (23,919) (21,464)

Other 156 (228) 352 75 81

Diluted AFFO available to common share and common unit holders (“diluted AFFO”) (1) $ 65,084 $ 57,209 $ 63,274 $ 57,660 $ 56,045

Replacement capital expenditures (1)

Tenant improvements and incentives $ 15,899 $ 25,671 $ 24,769 $ 15,293 $ 13,758

Building improvements 1,142 8,888 3,662 5,641 1,872

Leasing costs 1,547 5,008 2,240 4,929 3,461

Net additions to (exclusions from) tenant improvements and incentives 924 (6,335) (3,390) (241) 3,538

Excluded building improvements (307) (1,942) (299) (1,703) (201)

Excluded leasing costs — — — — (964)

Replacement capital expenditures $ 19,205 $ 31,290 $ 26,982 $ 23,919 $ 21,464

(1)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

EBITDAre + Adjusted EBITDA

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Net income $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 36,228

Interest expense 23,996 24,324 20,894 20,938 20,504

Income tax expense 124 115 612 117 103

Real estate-related depreciation and amortization 42,685 42,263 40,631 39,573 39,359

Other depreciation and amortization 416 435 428 468 542

Gain on sales of real estate (582) (32) (3,018) — (300)

Adjustments from unconsolidated real estate JVs 650 1,818 1,758 1,515 1,518

EBITDAre (1) 107,428 108,319 105,049 102,777 97,954

Credit loss (recoveries) expense (369) (644) (324) 1,187 515

Business development expenses 802 508 731 741 593

Executive transition costs — — — 21 57

Loss on early extinguishment of debt — 66 — — —

Loss on early extinguishment of debt on unconsolidated real estate JVs — — 28 — —

Net gain on other investments (29) (26) (1,713) — —

Adjusted EBITDA (1) 107,832 108,223 103,771 104,726 99,119

Pro forma NOI adjustment for property changes within period — 1,969 21 57 786

Change in collectability of deferred rental revenue 86 127 — 20 1,232

In-place adjusted EBITDA (1) $ 107,918 $ 110,319 $ 103,792 $ 104,803 $ 101,137

(1)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Properties by Segment - 3/31/26

(square feet in thousands)

# of

Properties Operational

Square Feet % Occupied % Leased

Defense/IT Portfolio

Fort Meade/Baltimore Washington (“BW”) Corridor

National Business Park (Annapolis Junction, MD) 34 4,288 96.8% 97.0%

Howard County, MD 36 3,084 90.0% 92.1%

Other 25 1,883 91.8% 93.5%

Total Fort Meade/BW Corridor 95 9,255 93.5% 94.7%

Redstone Arsenal (Huntsville, AL) 25 2,525 96.1% 97.9%

Northern Virginia (“NoVA”) Defense/IT 17 2,644 93.9% 94.5%

Lackland Air Force Base (San Antonio, TX) 9 1,143 100.0% 100.0%

Navy Support 22 1,271 88.2% 89.4%

Data Center Shells

Consolidated Properties 9 2,034 100.0% 100.0%

Unconsolidated JV Properties (1) 24 4,295 100.0% 100.0%

Total Defense/IT Portfolio 201 23,167 95.6% 96.4%

Other 6 1,988 79.7% 81.4%

Total Portfolio 207 25,155 94.4% 95.2%

Consolidated Portfolio 183 20,859 93.2% 94.3%

(1)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Real Estate Revenues + NOI by Segment

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Consolidated real estate revenues

Defense/IT Portfolio

Fort Meade/BW Corridor $ 87,533 $ 82,215 $ 81,756 $ 81,337 $ 84,608

Redstone Arsenal 20,645 19,783 19,477 18,977 16,422

NoVA Defense/IT 24,816 23,307 22,343 22,018 23,162

Lackland Air Force Base 18,354 20,639 18,555 17,475 16,410

Navy Support 8,992 8,621 8,727 8,258 7,960

Data Center Shells-Consolidated 14,665 12,642 10,715 10,644 10,865

Total Defense/IT Portfolio 175,005 167,207 161,573 158,709 159,427

Other 19,591 19,278 18,737 18,748 18,170

Consolidated real estate revenues (1) $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 177,597

NOI from real estate operations (2)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 51,053 $ 52,028 $ 53,279 $ 54,440 $ 52,678

Redstone Arsenal 13,396 12,857 12,227 12,817 10,128

NoVA Defense/IT 14,460 14,104 13,452 13,160 13,073

Lackland Air Force Base 9,356 9,059 8,310 8,234 7,411

Navy Support 4,633 4,807 4,711 4,402 3,794

Data Center Shells

Consolidated properties 12,116 10,486 9,014 8,861 9,012

COPT Defense’s share of unconsolidated real estate JVs 2,056 2,083 1,864 1,870 1,889

Total Defense/IT Portfolio 107,070 105,424 102,857 103,784 97,985

Other 8,147 8,528 8,961 8,628 9,461

NOI from real estate operations (1) $ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 107,446

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Cash NOI by Segment

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Cash NOI from real estate operations (1)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 50,873 $ 52,727 $ 53,019 $ 51,640 $ 50,104

Redstone Arsenal 10,322 9,937 9,549 10,283 8,723

NoVA Defense/IT 14,964 14,607 13,669 12,717 12,263

Lackland Air Force Base 9,606 8,946 8,863 8,846 8,086

Navy Support 4,744 4,628 4,155 4,215 3,833

Data Center Shells

Consolidated properties 8,989 8,170 8,217 7,521 7,002

COPT Defense’s share of unconsolidated real estate JVs 1,701 1,682 1,655 1,651 1,628

Total Defense/IT Portfolio 101,199 100,697 99,127 96,873 91,639

Other 7,105 7,010 7,997 8,054 9,586

Cash NOI from real estate operations (2) $ 108,304 $ 107,707 $ 107,124 $ 104,927 $ 101,225

(1)Refer to the section entitled “Definitions” for a definition of this measure.

(2)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

1Q 2026 Supplemental Information Package

COPT Defense Properties

NOI from Real Estate Operations + Occupancy by Property Grouping - 3/31/26

(dollars and square feet in thousands)

As of Period End NOI from Real Estate Operations (3)

# of

Properties Operational Square Feet % Occupied (1) % Leased (1) Annualized

Rental Revenue (2) % of Total

Annualized

Rental Revenue (2)

Property Grouping Three Months Ended

Defense/IT Portfolio

Same Property (2)

Consolidated properties 173 18,274 94.5% 95.5% $ 641,459 86.5 % $ 100,548

Unconsolidated JV properties 24 4,295 100.0% 100.0% 8,498 1.1 % 2,056

Total Same Property in Defense/IT Portfolio 197 22,569 95.5% 96.3% 649,957 87.6 % 102,604

Properties Placed in Service (4) 3 456 100.0% 100.0% 12,528 1.7 % 3,435

Acquired properties 1 142 100.0% 100.0% 4,959 0.7 % 1,031

Total Defense/IT Portfolio 201 23,167 95.6% 96.4% 667,444 90.0 % 107,070

Other 6 1,988 79.7% 81.4% 74,334 10.0 % 8,147

Total Portfolio 207 25,155 94.4% 95.2% $ 741,778 100.0 % $ 115,217

Consolidated Portfolio 183 20,859 93.2% 94.3% $ 733,280 98.9 % $ 113,161

(1)Percentages calculated based on operational square feet.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

(3)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

(4)Newly developed or redeveloped properties placed in service that were not fully operational by 1/1/25.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Same Property (1) Average Occupancy Rates by Segment

(square feet in thousands)

# of Properties Operational Square Feet Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Defense/IT Portfolio

Fort Meade/BW Corridor 95 9,255 93.4 % 93.6 % 94.3 % 94.4 % 94.7 %

Redstone Arsenal 24 2,475 96.0 % 96.6 % 96.0 % 95.5 % 94.8 %

NoVA Defense/IT 16 2,501 93.3 % 92.8 % 93.1 % 92.5 % 92.3 %

Lackland Air Force Base 9 1,143 100.0 % 100.0 % 100.0 % 100.0 % 95.3 %

Navy Support 22 1,271 86.8 % 85.8 % 83.5 % 83.4 % 82.1 %

Data Center Shells

Consolidated properties 7 1,629 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Unconsolidated JV properties 24 4,295 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Total Defense/IT Portfolio 197 22,569 95.4 % 95.4 % 95.5 % 95.4 % 95.2 %

Other 6 1,988 79.2 % 76.8 % 76.2 % 75.6 % 73.3 %

Total Same Property 203 24,557 94.1 % 93.9 % 94.0 % 93.8 % 93.4 %

Same Property (1) Period End Occupancy Rates by Segment

(square feet in thousands)

# of Properties Operational Square Feet

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Defense/IT Portfolio

Fort Meade/BW Corridor 95 9,255 93.5 % 93.6 % 94.1 % 94.5 % 94.4 %

Redstone Arsenal 24 2,475 96.0 % 96.0 % 95.7 % 95.7 % 95.3 %

NoVA Defense/IT 16 2,501 93.5 % 93.1 % 93.0 % 93.1 % 92.2 %

Lackland Air Force Base 9 1,143 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Navy Support 22 1,271 88.2 % 86.9 % 83.9 % 84.0 % 81.6 %

Data Center Shells

Consolidated properties 7 1,629 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Unconsolidated JV properties 24 4,295 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Total Defense/IT Portfolio 197 22,569 95.5 % 95.4 % 95.4 % 95.6 % 95.3 %

Other 6 1,988 79.7 % 76.6 % 76.8 % 76.2 % 74.7 %

Total Same Property 203 24,557 94.2 % 93.9 % 93.9 % 94.0 % 93.6 %

(1)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Same Property Real Estate Revenues + NOI by Segment

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Same Property real estate revenues

Defense/IT Portfolio

Fort Meade/BW Corridor $ 87,534 $ 82,215 $ 81,756 $ 81,337 $ 84,608

Redstone Arsenal 20,133 19,302 19,128 18,879 16,399

NoVA Defense/IT 23,405 22,349 22,343 22,018 23,162

Lackland Air Force Base 18,354 20,639 18,554 17,475 16,411

Navy Support 8,992 8,621 8,727 8,258 7,960

Data Center Shells-Consolidated 11,393 11,101 10,715 10,644 10,865

Total Defense/IT Portfolio 169,811 164,227 161,223 158,611 159,405

Other 17,245 16,889 16,419 16,291 15,675

Same Property real estate revenues $ 187,056 $ 181,116 $ 177,642 $ 174,902 $ 175,080

Same Property NOI from real estate operations (“NOI”)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 51,098 $ 52,067 $ 53,317 $ 54,442 $ 52,678

Redstone Arsenal 12,982 12,472 11,962 12,707 10,110

NoVA Defense/IT 13,429 13,318 13,453 13,160 13,072

Lackland Air Force Base 9,356 9,059 8,310 8,233 7,412

Navy Support 4,632 4,807 4,710 4,403 3,794

Data Center Shells

Consolidated properties 9,051 9,022 9,014 8,861 9,012

COPT Defense’s share of unconsolidated real estate JVs 2,056 2,083 1,864 1,870 1,889

Total Defense/IT Portfolio 102,604 102,828 102,630 103,676 97,967

Other 7,777 8,129 8,647 8,231 9,079

Same Property NOI (1) $ 110,381 $ 110,957 $ 111,277 $ 111,907 $ 107,046

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Same Property Cash NOI by Segment

(dollars in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Same Property cash NOI from real estate operations (“cash NOI”)

Defense/IT Portfolio

Fort Meade/BW Corridor $ 50,917 $ 52,766 $ 53,057 $ 51,642 $ 50,104

Redstone Arsenal 10,105 9,824 9,549 10,255 8,726

NoVA Defense/IT 14,085 13,945 13,669 12,717 12,263

Lackland Air Force Base 9,606 8,947 8,863 8,846 8,086

Navy Support 4,744 4,627 4,155 4,215 3,833

Data Center Shells

Consolidated properties 8,345 8,247 8,218 7,521 7,002

COPT Defense’s share of unconsolidated real estate JVs 1,701 1,682 1,655 1,651 1,628

Total Defense/IT Portfolio 99,503 100,038 99,166 96,847 91,642

Other 6,750 6,628 7,698 7,672 9,150

Same Property cash NOI (1) $ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 100,792

Percentage change in total Same Property cash NOI (1)(2) 5.4%

Percentage change in Defense/IT Portfolio Same Property cash NOI (2) 8.6%

(1)Refer to the section entitled “Supplementary Reconciliations of Non-GAAP Measures” for reconciliation.

(2)Represents the change between the current period and the same period in the prior year.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Leasing (1)(2)

Three Months Ended 3/31/26

(square feet in thousands)

Defense/IT Portfolio

Ft Meade/BW Corridor Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Total Defense/IT Portfolio Other Total

Renewed Space

Leased Square Feet 134 19 31 953 24 1,161 2 1,163

Expiring Square Feet 215 19 37 953 53 1,277 4 1,281

Vacating Square Feet 81 — 6 — 29 116 2 118

Retention Rate (% based upon square feet) 62.3 % 100.0 % 84.7 % 100.0 % 45.3 % 91.0 % 44.0 % 90.8 %

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 0.73 $ 0.66 $ 8.26 $ 2.14 $ 0.52 $ 2.08 $ — $ 2.08

Weighted Average Lease Term in Years 3.5 1.6 6.1 4.6 5.2 4.5 1.0 4.5

Straight-line Rent Per Square Foot

Renewal Straight-line Rent $ 30.36 $ 31.18 $ 37.16 $ 67.05 $ 14.16 $ 60.33 $ 23.07 $ 60.27

Expiring Straight-line Rent $ 29.25 $ 30.21 $ 31.89 $ 59.50 $ 16.09 $ 53.88 $ 21.13 $ 53.83

Change in Straight-line Rent 3.8 % 3.2 % 16.6 % 12.7 % (12.0 %) 12.0 % 9.2 % 12.0 %

Cash Rent Per Square Foot

Renewal Cash Rent $ 29.54 $ 30.75 $ 37.11 $ 65.65 $ 16.16 $ 59.11 $ 23.07 $ 59.05

Expiring Cash Rent $ 29.76 $ 30.72 $ 36.04 $ 63.01 $ 16.65 $ 56.95 $ 23.07 $ 56.90

Change in Cash Rent (0.8 %) 0.1 % 3.0 % 4.2 % (2.9 %) 3.8 % — % 3.8 %

Compound Annual Growth Rate 4.7 % 6.6 % 4.3 % 6.3 % 0.2 % 6.0 % 2.0 % 6.0 %

Average Escalations Per Year 4.6 % 2.5 % 2.6 % 3.0 % 2.5 % 3.1 % — % 3.1 %

New Leases

Investment Space

Leased Square Feet 384 — — — — 384 — 384

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 4.16 $ — $ — $ — $ — $ 4.16 $ — $ 4.16

Weighted Average Lease Term in Years 13.4 — — — — 13.4 — 13.4

Straight-line Rent Per Square Foot $ 54.76 $ — $ — $ — $ — $ 54.76 $ — $ 54.76

Cash Rent Per Square Foot $ 48.05 $ — $ — $ — $ — $ 48.05 $ — $ 48.05

Vacant Space

Leased Square Feet 68 5 — — 14 87 5 92

Statistics for Completed Leasing

Per Annum Average Committed Cost per Square Foot $ 4.81 $ 3.66 $ — $ — $ 4.58 $ 4.71 $ 10.93 $ 5.03

Weighted Average Lease Term in Years 6.8 4.3 — — 6.8 6.7 5.4 6.6

Straight-line Rent Per Square Foot $ 26.58 $ 28.60 $ — $ — $ 23.19 $ 26.16 $ 28.36 $ 26.28

Cash Rent Per Square Foot $ 27.89 $ 27.45 $ — $ — $ 23.00 $ 27.10 $ 28.75 $ 27.18

Total Square Feet Leased 586 24 31 953 38 1,632 7 1,639

Average Escalations Per Year 2.8 % 2.5 % 2.6 % 3.0 % 2.6 % 2.9 % 2.8 % 2.9 %

(1)Activity excludes owner occupied space, leases with less than a one-year term and expirations associated with space removed from service. Weighted average lease term is based on the term defined in the lease assuming no exercise of early termination rights. Committed costs for leasing are reported above in the period of lease execution. Actual capital expenditures for leasing are reported on page 10 in the period such costs are incurred.

(2)Refer to the section entitled “Definitions” for definitions of certain terms on this schedule.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Lease Expiration Analysis as of 3/31/26 (1) (continued)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Defense/IT

Annualized

Rental

Revenue

Expiring (3) Annualized Rental

Revenue of

Expiring Leases per Occupied Sq. Foot (3)

Defense/IT Portfolio

Fort Meade/BW Corridor 1,427 $ 64,590 9.7 % $ 45.20

Redstone Arsenal 5 173 — % 32.33

NoVA Defense/IT 63 2,002 0.3 % 31.97

Navy Support 121 3,860 0.6 % 31.83

2026 1,616 70,625 10.6 % 43.64

Fort Meade/BW Corridor 1,096 42,600 6.4 % 38.85

Redstone Arsenal 192 5,711 0.9 % 29.79

NoVA Defense/IT 114 3,997 0.6 % 35.16

Navy Support 297 9,768 1.5 % 32.85

Data Center Shells-Unconsolidated JV Properties 364 588 0.1 % 16.13

2027 2,063 62,664 9.4 % 36.10

Fort Meade/BW Corridor 2,030 79,026 11.8 % 38.88

Redstone Arsenal 16 460 0.1 % 29.67

NoVA Defense/IT 410 18,003 2.7 % 43.91

Navy Support 146 4,548 0.7 % 31.13

Data Center Shells-Unconsolidated JV Properties 515 946 0.1 % 18.36

2028 3,117 102,983 15.4 % 38.78

Fort Meade/BW Corridor 1,220 42,743 6.4 % 34.99

Redstone Arsenal 464 10,317 1.5 % 22.15

NoVA Defense/IT 728 29,253 4.4 % 40.19

Navy Support 126 3,912 0.6 % 31.01

Data Center Shells-Unconsolidated JV Properties 992 2,415 0.4 % 24.35

2029 3,530 88,640 13.3 % 33.57

Fort Meade/BW Corridor 1,066 35,927 5.4 % 33.61

Redstone Arsenal 246 6,967 1.0 % 28.34

NoVA Defense/IT 116 4,571 0.7 % 39.34

Lackland Air Force Base 703 48,358 7.2 % 68.82

Navy Support 52 1,518 0.2 % 29.17

Data Center Shells-Unconsolidated JV Properties 432 884 0.1 % 20.45

2030 2,615 98,225 14.7 % 44.08

Thereafter

Consolidated Properties 7,221 240,641 36.1 % 32.57

Unconsolidated JV Properties 1,992 3,666 0.5 % 18.41

Total Defense/IT Portfolio 22,154 $ 667,444 100.0 % $ 36.18

1Q 2026 Supplemental Information Package

COPT Defense Properties

Lease Expiration Analysis as of 3/31/26 (1)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Year of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Total

Annualized

Rental

Revenue

Expiring (3) Annualized Rental

Revenue of

Expiring Leases per Occupied Sq. Foot (3)

Total Defense/IT Portfolio 22,154 $ 667,444 90.0 % $ 36.18

Other

2026 47 1,890 0.3 % 39.14

2027 98 4,454 0.6 % 45.02

2028 264 17,354 2.3 % 38.17

2029 157 6,836 0.9 % 43.48

2030 33 1,254 0.2 % 38.27

Thereafter 985 42,546 5.7 % 43.11

Total Other 1,584 74,334 10.0 % 42.22

Total Portfolio 23,738 $ 741,778 100.0 % $ 36.66

Consolidated Portfolio 19,443 $ 733,280

Unconsolidated JV Properties 4,295 $ 8,498

Note: As of 3/31/26, the weighted average lease term was 5.2 years for the total portfolio, 5.3 years for the consolidated portfolio, and 5.1 years for the Defense/IT portfolio.

(1)This expiration analysis reflects consolidated and unconsolidated properties and includes the effect of early renewals completed on existing leases but excludes the effect of new tenant leases on square feet yet to commence as of 3/31/26. With regard to properties owned through unconsolidated real estate JVs, the amounts reported above reflect 100% of the properties’ square footage but only reflect the portion of Annualized Rental Revenue that was allocable to our ownership interest.

(2)The year of lease expiration is based on the lease term determined in accordance with GAAP.

(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

1Q 2026 Supplemental Information Package

COPT Defense Properties

2026 Defense/IT Portfolio Quarterly Lease Expiration Analysis as of 3/31/26 (1)

(dollars and square feet in thousands, except per square foot amounts)

Segment of Lease and Quarter of Expiration (2) Square Footage of Leases Expiring Annualized Rental

Revenue of Expiring Leases (3) % of Defense/IT

Annualized

Rental

Revenue Expiring (3) Annualized Rental Revenue of Expiring Leases per Occupied Sq. Foot (3)

Defense/IT Portfolio

Fort Meade/BW Corridor 1,129 $ 50,007 7.6 % $ 44.23

NoVA Defense/IT 29 1,077 0.2 % 37.61

Navy Support 52 1,474 0.2 % 28.12

Q2 2026 1,210 52,558 8.0 % 43.38

Fort Meade/BW Corridor 86 3,473 0.5 % 40.10

Redstone Arsenal 4 131 — % 33.69

NoVA Defense/IT 28 925 0.1 % 32.64

Navy Support 28 922 0.1 % 33.05

Q3 2026 146 5,451 0.7 % 37.13

Fort Meade/BW Corridor 212 11,110 1.7 % 52.44

Redstone Arsenal 1 42 — % 28.70

NoVA Defense/IT 6 — — % —

Navy Support 41 1,464 0.2 % 35.74

Q4 2026 260 12,616 1.9 % 48.53

1,616 $ 70,625 10.7 % $ 43.64

(2)The period of lease expiration is based on the lease term determined in accordance with GAAP.

(3)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Top 20 Tenants as of 3/31/26 (1)

(dollars and square feet in thousands)

Tenant Total

Annualized

Rental Revenue (2) %

of Total

Annualized

Rental Revenue (2) Occupied Square Feet Weighted Average Remaining Lease Term (3)

United States Government (4) $ 262,407 35.4 % 5,683 3.8

Fortune 100 Company 81,076 11.0 % 6,807 7.3

General Dynamics Corporation 33,684 4.6 % 657 2.9

Peraton Corp. 19,067 2.6 % 488 5.2

The Boeing Company 15,815 2.1 % 452 1.9

Northrop Grumman Corporation 15,780 2.1 % 519 5.5

CACI International Inc 14,533 2.0 % 342 2.9

Fortune 100 Company 12,258 1.7 % 183 8.5

Booz Allen Hamilton, Inc. 11,399 1.5 % 266 1.5

Morrison & Foerster, LLP 10,122 1.4 % 102 11.0

KBR, Inc. 8,163 1.1 % 284 7.9

CareFirst, Inc. 8,046 1.1 % 216 10.6

Amentum Holdings, Inc. 7,712 1.0 % 202 3.6

Yulista Holding, LLC 7,642 1.0 % 368 3.7

Mantech International Corp. 7,069 1.0 % 208 2.6

AT&T Corporation 7,022 1.0 % 314 3.6

University System of Maryland 6,678 0.9 % 176 3.8

Wells Fargo & Company 6,207 0.8 % 138 2.8

Lockheed Martin Corporation 6,070 0.8 % 194 4.3

The MITRE Corporation 4,946 0.7 % 139 4.0

Subtotal Top 20 Tenants 545,696 73.8 % 17,738 5.3

All remaining tenants 196,082 26.2 % 6,000 4.9

Total / Weighted Average $ 741,778 100.0 % 23,738 5.2

(1)For properties owned through unconsolidated real estate JVs, includes our share of those properties’ ARR of $8.5 million (see page 31 for additional information).

(2)Refer to the section entitled “Definitions” for a definition of annualized rental revenue.

(3)Weighted average remaining lease term is based on the lease term determined in accordance with GAAP. The weighting of the lease term was computed based on occupied square feet (excluding leases not associated with square feet, such as ground leases).

(4)Substantially all of our government leases are subject to early termination provisions which are customary in government leases. As of 3/31/26, $6.7 million of our ARR was through the General Services Administration (GSA), representing 2.5% of our ARR from the United States Government and 0.9% of our total ARR.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Development Projects as of 3/31/26 (1)

(dollars and square feet in thousands)

Total Rentable Square Feet

% Leased as of 3/31/26

as of 3/31/26 (2)

Actual or Anticipated Shell Completion Date Anticipated Operational Date (3)

Anticipated Total Cost Cost to Date Cost to Date Placed in Service

Property and Segment/Sub-Segment Location

Defense/IT Portfolio

Fort Meade/BW Corridor

400 National Business Parkway (4) Annapolis Junction, MD 148 100% $ 68,323 $ 53,717 $ 13,752 2Q 25 2Q 26

4400 River Road College Park, MD 110 100% 66,266 6,917 — 2Q 27 3Q 27

620 Guardian Way Annapolis Junction, MD 236 100% 145,970 24,232 — 3Q 28 3Q 28

Fort Meade/BW Corridor Subtotal / Average 494 100% 280,559 84,866 13,752

Redstone Arsenal

7700 Advanced Gateway Huntsville, AL 101 100% 32,760 7,870 — 1Q 27 1Q 27

8500 Advanced Gateway Huntsville, AL 155 20% 52,317 32,323 — 2Q 26 2Q 27

410 Goss Road Huntsville, AL 151 0% 55,003 10,204 — 3Q 27 3Q 28

Redstone Arsenal Subtotal / Average 407 33% 140,080 50,397 —

Lackland Air Force Base

Project EL 2 San Antonio, TX 132 100% 87,600 3,592 — 4Q 27 4Q 27

Total Defense/IT Portfolio Under Development 1,033 73% $ 508,239 $ 138,855 $ 13,752

(1)Includes properties under, or contractually committed for, development as of 3/31/26.

(2)Cost includes land, development, leasing costs, and allocated portion of structured parking and other shared infrastructure, if applicable.

(3)Anticipated operational date is the earlier of the estimated date when leases have commenced on 100% of a property’s space or one year from the cessation of major construction activities.

(4)Cost to date placed in service represents structured parking that was operational as of 3/31/26.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Land Owned/Controlled as of 3/31/26 (1)

(dollars and square feet in thousands)

Location Acres Estimated Developable Square Feet Carrying Amount

Defense/IT Portfolio land owned/controlled for future development

Fort Meade/BW Corridor

National Business Park (Annapolis Junction, MD) 136 1,247

Howard County, MD 19 290

Other 123 1,228

Total Fort Meade/BW Corridor 278 2,765

Redstone Arsenal (2) 271 2,949

NoVA Defense/IT 29 1,739

Navy Support 36 57

Data Center Shells 365 3,300

Total Defense/IT Portfolio land owned/controlled for future development 979 10,810 $ 179,448

Other land owned/controlled 47 1,478 8,036

Land held, net 1,026 12,288 $ 187,484

(1)This land inventory schedule includes properties under ground lease to us and excludes all properties listed as development as detailed on page 24. The costs associated with the land included on this summary are reported on our consolidated balance sheet in the line entitled “land held.”

(2)This land is controlled under a long-term master lease agreement to LW Redstone Company, LLC, a consolidated JV (see page 30). As this land is developed in the future, the JV will execute site-specific leases under the master lease agreement. Lease payments will commence under the site-specific leases as cash rents under tenant leases commence at the respective properties.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Capitalization Overview

(dollars, shares and units in thousands)

Wtd. Avg. Maturity (Years) (1) Stated Rate Effective Rate

(2)(3)

Amount Outstanding at 3/31/26

Debt

Secured debt 3.5 4.80 % 4.69 % $ 183,893

Unsecured debt 4.5 3.49 % 3.70 % 2,385,011

Total Consolidated Debt 4.5 3.58 % 3.77 % $ 2,568,904

Fixed-rate debt (3) 4.5 3.37 % 3.60 % $ 2,190,904

Variable-rate debt (3) 4.1 4.74 % 4.73 % 378,000

Total Consolidated Debt $ 2,568,904

Common Equity

Common Shares 113,378

Common Units (4) 2,434

Total Common Shares and Units 115,812

Closing Common Share Price on 3/31/26

$ 30.60

Equity Market Capitalization (5) $ 3,543,847

Total Market Capitalization (5) $ 6,112,751

(1)Calculated assuming exercise of extension options on our Revolving Credit Facility, term loan, and Revolving Development Facility.

(2)Excludes the effect of deferred financing cost amortization.

(3)Includes the effect of an interest rate swap with a notional amount totaling $10.1 million that hedges the risk of changes in interest rates on variable-rate debt.

(4)Includes certain unvested share-based compensation awards in the form of profit interest units.

(5)Refer to the section entitled “Definitions” for a definition of this measure.

Investment Grade Ratings & Outlook Latest Report

Fitch BBB- Stable 2/25/26

Moody’s Baa2 Stable 3/12/26

S&P BBB- Stable 4/11/25

1Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Outstanding Debt as of 3/31/26

(dollars in thousands)

Unsecured Debt Stated Rate Amount Outstanding Maturity Date Secured Debt Stated Rate Amount Outstanding Balloon Payment Due Upon Maturity Maturity Date

Revolving Credit Facility SOFR+0.85% $ 190,000 Oct-29 (1)(2) Revolving Development Facility SOFR+1.35% $ 138,000 $ 138,000 Oct-29 (2)(3)

Senior Unsecured Notes M Square

5.25% due 2028 5.25% 345,000 Sep-28 (4) 5825 & 5850 University Research Court (5) 3.82% 35,793 $ 35,603 Jun-26

2.00% due 2029 2.00% 400,000 Jan-29

4.50% due 2030 4.50% 400,000 Oct-30 5801 University Research Court (2)(5) SOFR

+0.10%+1.45% 10,100 $ 10,020 Aug-26

2.75% due 2031 2.75% 600,000 Apr-31

2.90% due 2033 2.90% 400,000 Dec-33 Total Secured Debt 4.80% $ 183,893

Subtotal - Senior Unsecured Notes 3.37% 2,145,000

Unsecured Bank Term Loan SOFR+1.05% 50,000 Jan-27 (2)(6)

Other Unsecured Debt 0.00% 11 May-26

Total Unsecured Debt 3.49% $ 2,385,011

Debt Summary

Total Unsecured Debt 3.49% $ 2,385,011

Total Secured Debt 4.80% 183,893

Consolidated Debt 3.58% $ 2,568,904

Debt per balance sheet $ 2,546,958

Net discounts and deferred financing costs 21,946

Consolidated Debt 2,568,904

COPT Defense’s share of unconsolidated JV gross debt (7) 75,250

Gross debt $ 2,644,154

(1)The Revolving Credit Facility matures in October 2029 and may be extended by two six-month periods at our option.

(2)Pre-payable anytime without penalty.

(3)The Revolving Development Facility matures in October 2029 and may be extended by a 12-month period at our option.

(4)These notes are due in 2028 unless earlier exchanged, redeemed, or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes. Upon exchange of the notes, the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, payable in cash, common shares, or a combination thereof at our election.

(5)These properties are owned through consolidated JVs.

(6)The term loan matures in January 2027 and may be extended by a 12-month period at our option.

(7)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Summary of Outstanding Debt as of 3/31/26 (continued)

(1)Term loan balance of $50.0 million is included in 2028 assuming our exercise of a 12-month extension option. Also included is $345.0 million principal amount of exchangeable senior notes due in 2028 unless earlier exchanged, redeemed, or repurchased only in the event of certain circumstances and during certain periods defined under the terms of the notes.

(2)Revolving Credit Facility balance of $190.0 million is included in 2030 assuming our exercise of two six-month extension options. Also included is our Revolving Development Facility balance of $138.0 million assuming our exercise of a 12-month extension option.

(3)Includes the effect of an interest rate swap with a notional amount totaling $10.1 million that hedges the risk of changes in interest rates on variable-rate debt.

(4)The interest on this debt is capitalized to our active development projects.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Debt Analysis

(dollars and square feet in thousands)

As of and for Three Months Ended

3/31/26

As of and for Three Months Ended

3/31/26

Senior Note Covenants (1) Required Line of Credit & Term Loan Covenants (1) Required

Total Debt / Total Assets < 60% 41.3% Total Debt / Total Assets < 60% 37.2%

Secured Debt / Total Assets < 40% 3.0% Secured Debt / Total Assets < 40% 3.4%

Debt Service Coverage > 1.5x 4.5x Adjusted EBITDA / Fixed Charges > 1.5x 4.3x

Unencumbered Assets / Unsecured Debt > 150% 242.5% Unsecured Debt / Unencumbered Assets < 60% 37.6%

Unencumbered Adjusted NOI / Unsecured Interest Expense > 1.75x 4.3x

Debt Ratios Page Refer. Unencumbered Portfolio Analysis

GAAP NOI from unencumbered real estate operations $ 107,303

Debt per balance sheet

$ 2,546,958 % of total NOI from real estate operations 93 %

Total assets

$ 4,458,909 Adjusted EBITDA from unencumbered real estate operations $ 99,918

Debt to assets 57.1 % % of total adjusted EBITDA from real estate operations 93 %

Net income

$ 40,139 Unencumbered adjusted book $ 5,958,980

Debt to net income ratio (2) 15.9 x % of total adjusted book 93 %

Interest expense

$ 23,996

Net income to interest expense ratio (2) 1.7 x

Non-GAAP

Net debt

$ 2,614,344

Adjusted book

$ 6,432,520

Net debt to adjusted book 40.6 %

Net debt adjusted for fully-leased investment properties

$ 2,531,768

In-place adjusted EBITDA

$ 107,918

Net debt to in-place adjusted EBITDA ratio 6.1 x

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9 x

Denominator for debt service coverage

$ 23,291

Denominator for fixed charge coverage

$ 24,970

Adjusted EBITDA

$ 107,832

Adjusted EBITDA debt service coverage ratio 4.6 x

Adjusted EBITDA fixed charge coverage ratio 4.3 x

(1)The covenants are calculated as defined in the applicable agreements, and the calculations differ between those agreements.

(2)Refer to the section entitled “Definitions” for a definition of this measure.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Consolidated Real Estate Joint Ventures as of 3/31/26

(dollars and square feet in thousands)

NOI from Real Estate Operations (1) Venture Level Debt Outstanding (3) COPT Defense Nominal

Ownership %

Operating Properties Operational

Square Feet % Occupied % Leased Three Months Ended Total Assets (2)

Suburban MD

M Square Associates, LLC (4 properties)

414 98.4% 98.4% $ 1,643 $ 91,479 $ 45,893 50%

Huntsville, AL

LW Redstone Company, LLC (24 properties)

2,388 96.9% 98.5% 12,783 634,542 — 85% (4)

Washington, DC

Stevens Place (1 property)

188 92.2% 93.7% 2,504 141,689 — 95%

Total / Average 2,990 96.8% 98.1% $ 16,930 $ 867,710 $ 45,893

Non-Operating Properties Estimated Developable Square Feet Total Assets (2) Venture Level Debt Outstanding COPT Defense Nominal Ownership %

Suburban MD

M Square Research Park 348 $ 14,772 $ — 50%

Huntsville, AL

Redstone Gateway (5) 3,356 142,206 — 85% (3)

Total 3,704 $ 156,978 $ —

(1)Represents NOI from real estate operations of the JV operating properties before allocation to JV partners.

(2)Total assets includes the assets of the consolidated JV plus any outside investment basis.

(3)Excludes debt from us to the JV, which is eliminated in the presentation of our consolidated financial statements.

(4)Our partner receives an annual priority return of 13.5% on its $9.0 million in contributed equity, plus certain fees for leasing and development, and we receive the remainder.

(5)Total assets include $64.5 million in notes receivable due from the City of Huntsville (including accrued interest and excluding allowance for credit losses) in connection with infrastructure costs funded by the JV.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Unconsolidated Real Estate Joint Ventures as of 3/31/26 (1)

(dollars and square feet in thousands)

Joint venture information

COPT Defense ownership %

10 %

COPT Defense’s investment

$ 11,805 (2)

# of Properties 24

Square Feet 4,295

% Occupied 100 %

COPT Defense’s share of ARR $ 8,498

Balance sheet information Total COPT Defense’s Share (3)

Operating properties, net $ 906,881 $ 90,688

Total assets $ 1,007,060 $ 100,706

Debt (4) $ 747,667 $ 74,767

Total liabilities $ 823,534 $ 82,353

Three Months Ended

Operating information Total COPT Defense’s Share (3)

Revenue $ 26,173 $ 2,617

Operating expenses (5,619) (561)

NOI from real estate operations and EBITDAre (5) 20,554 2,056

Interest expense (10,537) (1,054)

Depreciation and amortization (7,887) (742)

Gain on sale of real estate (6) 11,463 1,146

Net income $ 13,593 $ 1,406

NOI from real estate operations (per above) (5) $ 20,554 $ 2,056

Straight line rent adjustments (1,743) (174)

Amortization of acquired above- and below-market rents (1,804) (181)

Cash NOI from real estate operations (5) $ 17,007 $ 1,701

(1)Includes equity method investments in five JVs that own and operate data center shell properties.

(2)Includes $35.8 million reported in “Investment in unconsolidated real estate joint ventures” and $24.0 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheet. Investments with deficit balances are attributable to JV distributions of debt refinancing proceeds in excess of our equity in two JVs.

(3)Represents the portion allocable to our ownership interest.

(4)Maturities on JV debt range from 2029 to 2030 (assuming exercise of three one-year extension options).

(5)Refer to the section entitled “Definitions” for a definition of this measure.

(6)Represents gain from the sale of a right-of-way easement by one of our JVs.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Net income $ 40,139 $ 39,396 $ 43,744 $ 40,166 $ 36,228

Construction contract and other service revenues (6,041) (10,872) (8,485) (12,458) (10,259)

Depreciation and other amortization associated with real estate operations 42,685 42,263 40,631 39,573 39,359

Construction contract and other service expenses 5,552 10,432 7,952 11,873 9,705

General and administrative expenses 8,456 7,943 8,483 8,202 8,148

Leasing expenses 2,994 2,896 2,449 2,613 2,999

Business development expenses and land carry costs 1,199 904 1,098 1,096 1,009

Interest expense 23,996 24,324 20,894 20,938 20,504

Interest and other income, net (3,955) (5,301) (2,591) (1,223) (1,568)

Gain on sales of real estate (582) (32) (3,018) — (300)

Loss on early extinguishment of debt — 66 — — —

Equity in income of unconsolidated entities (1,406) (265) (1,815) (355) (371)

Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1) 2,056 2,083 1,864 1,870 1,889

Income tax expense 124 115 612 117 103

NOI from real estate operations 115,217 113,952 111,818 112,412 107,446

Straight line rent adjustments and lease incentive amortization (1,028) 3,968 5,551 (1,379) (1,875)

Amortization of acquired above- and below-market rents 60 (384) 42 65 64

Amortization of intangibles and other assets to property operating expenses — — — — 98

Lease termination fees, net (1,212) (859) (1,190) (729) (834)

Tenant funded landlord assets and lease incentives (4,378) (8,569) (8,888) (5,223) (3,413)

Cash NOI adjustments in unconsolidated real estate JVs (355) (401) (209) (219) (261)

Cash NOI from real estate operations $ 108,304 $ 107,707 $ 107,124 $ 104,927 $ 101,225

NOI from real estate operations (from above) $ 115,217 $ 113,952 $ 111,818 $ 112,412 $ 107,446

Non-Same Property NOI from real estate operations (4,836) (2,995) (541) (505) (400)

Same Property NOI from real estate operations 110,381 110,957 111,277 111,907 107,046

Straight line rent adjustments and lease incentive amortization 677 5,909 2,185 (1,282) (1,811)

Amortization of acquired above- and below-market rents 80 (371) 41 65 64

Lease termination fees, net (1,212) (859) (1,191) (728) (834)

Tenant funded landlord assets and lease incentives (3,318) (8,569) (5,239) (5,223) (3,413)

Cash NOI adjustments in unconsolidated real estate JVs (355) (401) (209) (220) (260)

Same Property Cash NOI from real estate operations $ 106,253 $ 106,666 $ 106,864 $ 104,519 $ 100,792

(1)See page 31 for additional disclosure regarding our unconsolidated real estate JVs.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures (continued)

(in thousands)

Three Months Ended

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Real estate revenues

Lease revenue

Fixed contractual payments $ 142,467 $ 139,318 $ 135,957 $ 136,334 $ 131,691

Variable lease payments (1) 50,504 45,684 42,315 39,264 43,617

Lease revenue 192,971 185,002 178,272 175,598 175,308

Other property revenue 1,625 1,483 2,038 1,859 2,289

Real estate revenues $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 177,597

Provision for credit losses (recoveries) on billed lease revenue $ 84 $ 26 $ 108 $ (280) $ 903

Total revenues $ 200,637 $ 197,357 $ 188,795 $ 189,915 $ 187,856

Construction contract and other service revenues (6,041) (10,872) (8,485) (12,458) (10,259)

Real estate revenues $ 194,596 $ 186,485 $ 180,310 $ 177,457 $ 177,597

Total interest expense $ 23,996 $ 24,324 $ 20,894 $ 20,938 $ 20,504

Less: Amortization of deferred financing costs (832) (817) (657) (657) (667)

Less: Amortization of net debt discounts, net of amounts capitalized (1,217) (1,282) (1,070) (1,060) (1,051)

COPT Defense’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and gain or loss on interest rate derivatives 947 968 898 759 752

Denominator for interest coverage 22,894 23,193 20,065 19,980 19,538

Scheduled principal amortization 397 416 458 457 461

Denominator for debt service coverage 23,291 23,609 20,523 20,437 19,999

Capitalized interest, excluding amortization of deferred financing costs 1,679 1,714 1,292 1,126 927

Denominator for fixed charge coverage $ 24,970 $ 25,323 $ 21,815 $ 21,563 $ 20,926

Dividends on unrestricted common and deferred shares $ 36,134 $ 34,414 $ 34,332 $ 34,324 $ 34,318

Distributions on unrestricted common units 711 573 658 666 661

Dividends and distributions on restricted shares and units 267 205 209 218 236

Total dividends and distributions for GAAP payout ratio 37,112 35,192 35,199 35,208 35,215

Dividends and distributions on antidilutive shares and units (257) (198) (202) (194) (237)

Dividends and distributions for non-GAAP payout ratios $ 36,855 $ 34,994 $ 34,997 $ 35,014 $ 34,978

(1)Represents primarily lease revenue associated with property operating expense reimbursements from tenants.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Supplementary Reconciliations of Non-GAAP Measures (continued)

(in thousands)

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

Total assets $ 4,458,909 $ 4,701,790 $ 4,351,432 $ 4,286,950 $ 4,250,311

Accumulated depreciation 1,721,016 1,682,367 1,644,472 1,608,032 1,572,422

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 227,989 228,656 226,312 225,192 227,122

COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,353 82,039 82,430 61,026 61,190

COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,583 16,000 15,197 14,407 13,616

Less: Property - operating lease liabilities (43,768) (45,012) (46,203) (47,372) (48,216)

Less: Property - finance lease liabilities (752) (363) (370) (377) (384)

Less: Cash and cash equivalents (28,580) (274,986) (23,687) (21,288) (24,292)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (2,080) (1,944) (1,766)

Adjusted book $ 6,432,520 $ 6,388,593 $ 6,247,503 $ 6,124,626 $ 6,050,003

Gross debt (page 27)

$ 2,644,154 $ 2,866,550 $ 2,537,891 $ 2,512,850 $ 2,488,306

Less: Cash and cash equivalents (28,580) (274,986) (23,687) (21,288) (24,292)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (2,080) (1,944) (1,766)

Net debt 2,614,344 2,589,666 2,512,124 2,489,618 2,462,248

Costs incurred on fully-leased development properties (82,576) (8,226) (83,794) (60,302) (27,499)

Net debt adjusted for fully-leased investment properties $ 2,531,768 $ 2,581,440 $ 2,428,330 $ 2,429,316 $ 2,434,749

1Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Non-GAAP Measures

We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it to that of other real estate investment trusts (“REITs”). Since these measures exclude certain items includable in their respective most comparable GAAP measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP and non-GAAP measures. These measures should not be used as an alternative to the respective most comparable GAAP measures when evaluating our financial performance or to cash flow from operating, investing, and financing activities when evaluating our liquidity or ability to make cash distributions or pay debt service.

Adjusted book

Defined as total assets presented on our consolidated balance sheet, net of lease liabilities associated with property right-of-use assets, and excluding the effect of cash and cash equivalents, accumulated depreciation on real estate properties, accumulated amortization of intangible assets on real estate acquisitions, accumulated amortization of deferred leasing costs and unconsolidated real estate joint ventures (“JVs”) cash and cash equivalents, liabilities, and accumulated depreciation and amortization (of intangibles on property acquisitions and deferred leasing costs) allocable to our ownership interest in the JVs. We use adjusted book for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that total assets is the most directly comparable GAAP measure to this non-GAAP measure.

Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”)

Adjusted EBITDA is net income or loss adjusted for the effects of interest expense, depreciation and amortization, gain on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, gain or loss on early extinguishment of debt, loss on interest rate derivatives, net gain or loss on other investments, credit loss expense or recoveries, operating property acquisition costs, income taxes, business development expenses, demolition costs on redevelopment and nonrecurring improvements, executive transition costs, and certain other expenses that we believe are not relevant to an investor’s evaluation of our ability to repay debt. Adjusted EBITDA also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation, and amortization) is a universally-defined supplemental measure, Adjusted EBITDA incorporates additional adjustments for gains and losses from investing and financing activities and certain other items that we believe represent costs that are not closely correlated to (or associated with) our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt. We believe that adjusted EBITDA is a useful supplemental measure for assessing our un-levered performance and

ability to repay outstanding debt from operations. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Adjusted EBITDA debt service coverage ratio

This measure divides Adjusted EBITDA by the sum of interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives) and scheduled principal amortization on mortgage loans.

Amortization of acquisition intangibles included in NOI

Represents the amortization of intangible asset and liability categories that is included in net operating income, including amortization of above- or below-market leases and above- or below-market cost arrangements.

Basic FFO available to common share and common unit holders (“Basic FFO”)

This measure is FFO adjusted to subtract (1) preferred share dividends, (2) income or loss attributable to noncontrolling interests through ownership of preferred units in COPT Defense Properties, L.P. (the “Operating Partnership”) or interests in other consolidated entities not owned by us, (3) depreciation and amortization allocable to noncontrolling interests in other consolidated entities, (4) Basic FFO allocable to share-based compensation awards, and (5) issuance costs associated with redeemed preferred shares. With these adjustments, Basic FFO represents FFO available to common shareholders and holders of common units in the Operating Partnership (“common units”). Common units are substantially similar to our common shares of beneficial interest (“common shares”) and are exchangeable into common shares, subject to certain conditions. We believe that Basic FFO is useful to investors due to the close correlation of common units to common shares. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Cash net operating income (“Cash NOI”)

Defined as NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, amortization of tenant incentives, amortization of intangibles and other assets included in FFO and NOI, lease termination fees from tenants to terminate their lease obligations prior to the end of the agreed upon lease terms, and rental revenue recognized under GAAP resulting from landlord assets and lease incentives funded by tenants. Cash NOI also includes adjustments to NOI from real estate operations for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. Under GAAP, rental revenue is recognized evenly over the term of tenant leases (through straight-line rental adjustments and amortization of tenant incentives), which, given the long term nature of our leases, does not align with the economics of when tenant payments are due to us under the arrangements. Also under GAAP, when a property is acquired, we allocate the acquisition to certain intangible components, which are then amortized into NOI over their estimated lives, even though the resulting revenue adjustments are not reflective of our lease economics. In

1Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

addition, revenue from lease termination fees and tenant-funded landlord improvements, absent an adjustment from us, would result in large one-time lump sum amounts in Cash NOI that we do not believe are reflective of a property’s long-term value. We believe that Cash NOI is a useful supplemental measure of operating performance for a REIT’s operating real estate because it makes adjustments to NOI for the above stated items to be more reflective of the economics of when tenant payments are due to us under our leases and the value of our properties. As is the case with NOI, the measure is useful in our opinion in evaluating and comparing the performance of reportable segments, Same Property groupings, and individual properties. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

COPT Defense’s share of NOI from unconsolidated real estate JVs

Represents the net of revenues and property operating expenses of real estate operations owned through unconsolidated JVs that are allocable to COPT Defense’s ownership interest. This measure is included in the computation of NOI, our segment performance measure, as discussed below.

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)

Defined as Diluted FFO, as adjusted for comparability, adjusted for the following: (1) the elimination of the effect of (a) noncash rental revenues and property operating expenses (comprised of straight-line rental adjustments, which includes the amortization of recurring tenant incentives, and amortization of acquisition intangibles included in FFO and NOI, both of which are described under “Cash NOI” above), (b) share-based compensation, net of amounts capitalized, (c) amortization of deferred financing costs, (d) amortization of debt discounts and premiums, and (e) amortization of settlements of debt hedges; and (2) replacement capital expenditures (defined below). Diluted AFFO also includes adjustments to Diluted FFO, as adjusted for comparability for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that Diluted AFFO is a useful supplemental measure of operating performance for a REIT because it incorporates adjustments for: certain revenue and expenses that are not associated with cash to or from us during the period; and certain capital expenditures for operating properties incurred during the period that do require cash outlays. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders (“Diluted FFO”)

Diluted FFO is Basic FFO adjusted to add back any changes in Basic FFO that would result from the assumed conversion of securities that are convertible or exchangeable into common shares. The computation of Diluted FFO assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO (which includes discontinued operations, if any) is useful to investors because it is the numerator used to compute Diluted FFO per share,

discussed below. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO available to common share and common unit holders, as adjusted for comparability (“Diluted FFO, as adjusted for comparability”)

Defined as Diluted FFO or FFO adjusted to exclude: operating property acquisition costs (for acquisitions classified as business combinations); gain or loss on early extinguishment of debt; demolition costs on redevelopment and nonrecurring improvements; FFO associated with properties that secured non-recourse debt on which we defaulted and, subsequently, extinguished via conveyance of such properties (including property NOI, interest expense, and gains on debt extinguishment); loss on interest rate derivatives; and executive transition costs associated with named executive officers. Diluted FFO, as adjusted for comparability also includes adjustments to Diluted FFO for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe this to be a useful supplemental measure alongside Diluted FFO as it excludes gains and losses from certain investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO per share

Diluted FFO per share is (1) Diluted FFO divided by (2) the sum of the (a) weighted average common shares outstanding during a period, (b) weighted average common units outstanding during a period, and (c) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of Diluted FFO per share assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase Diluted FFO per share in a given period. We believe that Diluted FFO per share is useful to investors because it provides investors with a further context for evaluating our FFO results in the same manner that investors use earnings per share (“EPS”) in evaluating net income or loss available to common shareholders. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.

Diluted FFO per share, as adjusted for comparability

Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for comparability divided by (2) the sum of the (a) weighted average common shares outstanding during a period, (b) weighted average common units outstanding during a period, and (c) weighted average number of potential additional common shares that would have been outstanding during a period if other securities that are convertible or exchangeable into common shares were converted or exchanged. The computation of this measure assumes the conversion of common units but does not assume the conversion of other securities that are convertible into common shares if the conversion of those securities would increase the per share measure in a given period. We believe this to be a

1Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

useful supplemental measure alongside Diluted FFO per share as it excludes gains and losses from investing and financing activities and certain other items that we believe are not closely correlated to (or associated with) our operating performance. We believe that diluted EPS is the most directly comparable GAAP measure to this non-GAAP measure.

Earnings before interest, income taxes, depreciation, and amortization for real estate (“EBITDAre”)

Defined as net income or loss adjusted for the effects of interest expense, depreciation and amortization, gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs, and income taxes. EBITDAre also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. While EBITDA (earnings before interest, taxes, depreciation, and amortization) is a universally-defined supplemental measure, EBITDAre incorporates additional adjustments for gains and losses from investing activities related to our investments in operating properties. We believe that EBITDAre is a useful supplemental measure for assessing our un-levered performance. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Funds from operations (“FFO” or “FFO per Nareit”)

Defined as net income or loss computed using GAAP, excluding gains on sales and impairment losses of real estate and investments in unconsolidated real estate JVs (net of associated income tax) and real estate-related depreciation and amortization. FFO also includes adjustments to net income or loss for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that we use the National Association of Real Estate Investment Trust’s (“Nareit”) definition of FFO, although others may interpret the definition differently and, accordingly, our presentation of FFO may differ from those of other REITs. We believe that FFO is useful to management and investors as a supplemental measure of operating performance because, by excluding gains on sales and impairment losses of real estate (net of associated income tax) and real estate-related depreciation and amortization, FFO can help one compare our operating performance between periods. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Gross debt

Defined as debt reported on our consolidated balance sheet adjusted to exclude net discounts and premiums and deferred financing costs, as further adjusted to include outstanding debt of unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that this measure is useful to investors as it represents our total outstanding debt, including our share of unconsolidated joint venture debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

In-place adjusted EBITDA

Defined as Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three month period to reflect Adjusted EBITDA as if the events occurred at the beginning of such period, including: (a) properties acquired, placed in service or expanded upon subsequent to the commencement of a period made in order to reflect a full period of ownership/operations; (b) properties removed from service or in which we disposed of interests; (c) significant mid-period occupancy changes associated with properties recently placed in service or acquired as if such occupancy changes occurred at the beginning of such period; and (2) adjustments to deferred rental revenue associated with changes in our assessment of collectability. The measure also includes adjustments for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We believe that the pro forma adjustments described above are consistent with the requirements for preparation of amounts presented on a pro forma basis in accordance with Article 11 of Regulation S-X. We believe that in-place adjusted EBITDA is a useful supplemental measure of performance for assessing our un-levered performance and ability to repay outstanding debt from operations, as further adjusted for changes in operating properties subsequent to the commencement of a quarter and for the other items noted above that we believe are not closely correlated with our operating performance and are not relevant to an investor’s evaluation of our ability to repay debt. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt

Defined as Gross debt (total outstanding debt reported per our balance sheet as adjusted to exclude net discounts and premiums and deferred financing costs), as adjusted to subtract cash and cash equivalents as of the end of the period. The measure also includes adjustments to Gross debt for the effects of the items noted above pertaining to unconsolidated real estate JVs that were allocable to our ownership interest in the JVs. We use net debt for purposes of calculating our net debt to adjusted book, which we believe is a useful supplemental measure for investors to use in further understanding the relationship of our outstanding debt to our assets available to service such debt. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt adjusted for fully-leased investment properties

Defined as Net debt less costs incurred on properties under development and on operating property acquisitions that were 100% leased. We believe that this supplemental measure is useful in providing investors the impact to our debt of these fully leased properties that are not yet contributing to our adjusted EBITDA. We believe that debt reported on our consolidated balance sheet is the most directly comparable GAAP measure to this non-GAAP measure.

Net debt to Adjusted book

Defined as Net debt divided by Adjusted book (defined above).

1Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Net debt to in-place adjusted EBITDA ratio and Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio

Defined as Net debt or Net debt adjusted for fully-leased investment properties divided by in-place adjusted EBITDA (defined above) for the three month period that is annualized by multiplying by four.

Net operating income from real estate operations (“NOI”)

NOI, which is our segment performance measure, includes: consolidated real estate revenues; consolidated property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate JVs that are allocable to COPT Defense’s ownership interest in the JVs. We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core real estate operations that is unaffected by depreciation, amortization, financing, and general, administrative, and leasing expenses; we believe this measure is particularly useful in evaluating the performance of reportable segments, Same Property groupings, and individual properties. We believe that net income or loss is the most directly comparable GAAP measure to this non-GAAP measure.

NOI fixed charge coverage ratio and Adjusted EBITDA fixed charge coverage ratio

These measures divide either NOI from real estate operations or Adjusted EBITDA by the sum of (1) interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, and gains or losses on interest rate derivatives), (2) scheduled principal amortization on mortgage loans, (3) capitalized interest, (4) dividends on preferred shares, and (5) distributions on preferred units in the Operating Partnership not owned by us.

NOI interest coverage ratio and Adjusted EBITDA interest coverage ratio

These measures divide either NOI from real estate operations or Adjusted EBITDA by interest expense (excluding amortization of deferred financing costs and amortization of debt discounts and premiums, net of amounts capitalized, gains on losses on interest rate derivatives, and interest expense on debt in default to be extinguished via conveyance of properties).

Payout ratios based on: Diluted FFO; Diluted FFO, as adjusted for comparability; and Diluted AFFO

These payout ratios are defined as (1) the sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership to the extent they are dilutive in the respective FFO per share numerators divided by (2) the respective non-GAAP measures.

Replacement capital expenditures

Replacement capital expenditures are defined as tenant improvements and incentives, building improvements, and leasing costs incurred during the period for operating properties that are not (1) items contemplated prior to the acquisition of a property, (2) improvements associated with the expansion of a building or its improvements, (3) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class B office), (4) capital improvements that represent the addition of something new to the property rather than the replacement of something (for example, the addition of a new heating and air conditioning unit that is not replacing one that was previously there), or (5) replacements of significant components of a building after the building has reached the end of its original useful life. Replacement capital expenditures excludes expenditures of operating properties included in disposition plans during the period that were already sold or are held for future disposition. For cash tenant incentives not due to the tenant for a period exceeding three months past the date on which such incentives were incurred, we recognize such incentives as replacement capital expenditures in the periods such incentives are due to the tenant. Replacement capital expenditures, which is included in the computation of Diluted AFFO, is intended to represent non-transformative capital expenditures of existing properties held for long-term investment. We believe that the excluded expenditures are more closely associated with our investing activities than the performance of our operating portfolio.

Same Property NOI from real estate operations and Same Property cash NOI from real estate operations

Defined as NOI, or Cash NOI, from real estate operations of Same Property groupings. We believe that these are important supplemental measures of Same Property operating performance for the same reasons discussed above for NOI from real estate operations and Cash NOI from real estate operations.

1Q 2026 Supplemental Information Package

COPT Defense Properties

Definitions

Other Definitions

Acquisition Costs — Transaction costs expensed in connection with executed or anticipated acquisitions of operating properties.

Annualized Rental Revenue (“ARR”) — The monthly contractual base rent as of the reporting date (ignoring free rent then in effect and rent associated with tenant funded landlord assets) multiplied by 12, plus the estimated annualized expense reimbursements under existing leases for occupied space. With regard to properties owned through unconsolidated real estate JVs, we include the portion of ARR allocable to COPT Defense’s ownership interest. We consider ARR to be a useful measure for analyzing revenue sources because, since it is point-in-time based, it does not contain increases and decreases in revenue associated with periods in which lease terms were not in effect; historical revenue under GAAP does contain such fluctuations. We find the measure particularly useful for leasing, tenant, segment, and industry analysis. In instances in which we report ARR per occupied square foot, the measure excludes revenue from leases not associated with our buildings.

Average Escalations — Leasing statistic used to report average increase in rental rates over lease terms for leases with a term of greater than one-year.

Cash Rent — Includes monthly contractual base rent (ignoring rent abatements and rent associated with tenant funded landlord assets) multiplied by 12, plus estimated annualized expense reimbursements (average for first 12 months of term for new or renewed leases or as of lease expiration for expiring leases). We believe that cash rent is a useful measure for evaluating the rental rates at the time rent payments commence for our leasing activity, including changes in such rates relative to rates that may have been previously in place.

Committed Cost per Square Foot — Includes tenant improvement allowance (excluding tenant funded landlord assets), leasing commissions, and estimated turn key costs and excludes lease incentives. We believe this is a useful measure for evaluating our costs associated with obtaining new leases.

Compound Annual Growth Rate — For renewed space, represents the compound annual growth rate between the first year cash rent of the expired lease and the first year cash rent of the renewal lease.

Debt to Net Income Ratio — Represents debt reported on our consolidated balance sheet divided by net income for the three month period that is annualized by multiplying by four. We do not present this ratio for periods with a net loss.

Defense/IT Portfolio — Represents properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions.

Development Properties — Properties under, or contractually committed for, development.

Equity Market Capitalization — Defined as the sum of: (1) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (2) the liquidation value of preferred shares and preferred units in our operating partnership.

First Generation Space — Newly-developed or redeveloped space that has never been occupied.

Investment Space Leased — Includes vacant space leased within two years of the shell completion date for development properties or acquisition date for operating property acquisitions.

Net Income to Interest Expense Ratio — Represents net income reported on our consolidated statements of operations divided by interest expense. We do not present this ratio for periods with a net loss.

Net Income Payout Ratio — Defined as (1) the sum of dividends on common and deferred shares and distributions to holders of interests in the Operating Partnership divided by (2) net income. We do not present this ratio for periods with a net loss.

Operational Space — The portion of a property in operations (excludes portion under development or redevelopment).

Redevelopment Properties — Properties previously in operations on which activities to substantially renovate such properties were underway or approved.

Same Property — Operating properties stably owned and 100% operational since at least 1/1/25.

Second Generation Space — Space leased that has been previously occupied.

Straight-line Rent — Includes annual minimum base rents, net of abatements and lease incentives and excluding rent associated with tenant funded landlord assets, on a straight-line basis over the term of the lease, and estimated annual expense reimbursements (as of lease commencement for new or renewed leases or as of lease expiration for expiring leases). We believe that straight-line rent is a useful measures for evaluating the rental rates over the related lease terms for our leasing activity, including changes in such rates relative to rates that may have been previously in place.

Total Market Capitalization — Defined as the sum of: (1) consolidated outstanding debt, excluding discounts, premiums, and deferred financing costs; (2) the product of the closing price of our common shares on the NYSE and the sum of (a) common shares outstanding and (b) common units outstanding; and (3) the liquidation value of preferred shares and preferred units in our operating partnership.

Total Portfolio — Operating properties, including ones owned through unconsolidated real estate JVs.

Vacancy Leasing Activity Ratio — Square footage associated with prospective tenants for vacant square feet in service divided by total vacant square feet in service.

Vacant Space Leased — Includes leasing of vacated second-generation space and vacant space leased in development properties and operating property acquisitions after two years from such properties’ shell completion or acquisition date.

1Q 2026 Supplemental Information Package

NEWS RELEASE

IR Contacts:

Venkat Kommineni, CFA Michelle Layne

443.285.5587 443.285.5452

venkat.kommineni@copt.com michelle.layne@copt.com

COPT Defense Reports First Quarter 2026 Results

_______________________________________________________________

EPS of $0.34

FFO per Share, As Adjusted for Comparability, of $0.69

6.2% FFO per Share Growth Year-over-Year

1-cent above the Midpoint of Guidance

Increased Midpoint of 2026 FFO per Share Guidance by 1-cent to $2.76

Implies 1.5% FFO per Share Growth for the Year

Same Property Cash NOI Increased 5.4%

Increased Midpoint of 2026 Guidance by 50 basis points to 3.0%

Occupancy and Leased Levels

Total Portfolio 94.4% Occupied and 95.2% Leased

Defense/IT Portfolio 95.6% Occupied and 96.4% Leased

_______________________________________________________________

Leasing Activity

Total Leasing of 1.6 million SF

Vacancy Leasing of 92,000 SF

On Track to Achieve Annual Target of 400,000 SF

Renewal Leasing of 1.2 million SF

Tenant Retention of 91%

Increased Midpoint of 2026 Guidance by 250 basis points to 82.5%

Investment Leasing of 384,000 SF

_____________________________________________________________

Investment Activity

Committed $201 million of Capital to Two New Investments that are 61% Pre-Leased

Increased Midpoint of 2026 Guidance by $40 million to $290 million

___________________________________________________________

COLUMBIA, MD (BUSINESS WIRE) April 27, 2026 - COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE: CDP) announced results for the first quarter ended March 31, 2026.

Management Comments

Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, “We achieved solid results in the first quarter and our performance is tracking on all aspects of our full year plan. FFO per share exceeded the midpoint of our guidance range by $0.01. Based on this outperformance, and our forecast for the remainder of the year, we increased the midpoint of 2026 FFO per share guidance by $0.01 to $2.76.

In terms of our leasing achievements, we are off to a great start, as we have executed over 90,000 square feet of vacancy leasing, over 380,000 square feet of investment leasing, and a record 1.2 million square feet of renewal leasing in the first quarter, which equated to a strong tenant retention rate of 91%. Our strong renewal volume, retention, and cash rent spreads in the quarter were driven by the 953,000 square foot full renewal of our U.S. Government campus near Lackland Air Force Base in San Antonio. Our Defense/IT Portfolio was 95.6% occupied and 96.4% leased at quarter-end, and marked thirteen consecutive quarters in which our occupancy rate exceeded 94%, highlighting the strength and durability of our portfolio.

Over the past 4 months, we committed nearly $250 million to three new investments, consisting of a fully pre-leased build-to-suit development at The National Business Park in Maryland, an inventory building development that is designed for U.S. Government tenancy at Redstone Gateway in Alabama, and an acquisition of 17 acres of strategic land subject to a ground lease on which two fully leased strategic office buildings have been developed in Chantilly, Virginia. These investments serve to enhance and expand our relationships with leading defense contractor and U.S. Government tenants and position the Company to further expand our strategic portfolio in the future and ultimately drive shareholder value.

Our outstanding performance in 2025 and expected performance in 2026 led our Board of Trustees to approve a 4.9% increase in our quarterly dividend in February, which marks our fourth consecutive annual increase, amounting to a 16.4% cumulative increase since 2022. Finally, we were very pleased that Moody’s upgraded our investment grade rating by one level to Baa2 with a Stable outlook in March, which reflects the strength and specialized nature of our strategy, platform, and portfolio.”

Financial Highlights

1st Quarter Financial Results:

•Diluted earnings per share (“EPS”) was $0.34 for the quarter ended March 31, 2026, compared to $0.31 for the quarter ended March 31, 2025.

•Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.69 for the quarter ended March 31, 2026, compared to $0.65 for the quarter ended March 31, 2025.

Operating Performance Highlights

Operating Portfolio Summary:

•At March 31, 2026, the Company’s 25.2 million square foot total portfolio was 94.4% occupied and 95.2% leased, which includes the 23.2 million square foot Defense/IT Portfolio that was 95.6% occupied and 96.4% leased.

Same Property Performance:

•At March 31, 2026, the Company’s 24.6 million square foot Same Property portfolio was 94.2% occupied and 95.1% leased.

•The Company’s Same Property cash NOI increased 5.4% in the quarter ended March 31, 2026 compared to the same period in 2025.

Leasing:

•Total Square Feet Leased: For the quarter ended March 31, 2026, the Company leased 1.6 million square feet, including 1.2 million square feet of renewals, 92,000 square feet of vacancy leasing, and 384,000 square feet of investment leasing.

•Tenant Retention Rates: During the quarter ended March 31, 2026, the Company renewed 90.8% of expiring square feet in its total portfolio.

•Rent Spreads and Average Escalations on Renewing Leases: For the quarter ended March 31, 2026, straight-line rents on renewals increased 12.0% and cash rents on renewed space increased 3.8% while annual escalations on renewing leases averaged 3.1%.

•Lease Terms: In the quarter ended March 31, 2026, lease terms averaged 4.5 years on renewing leases, 6.6 years on vacancy leasing, and 13.4 years on investment leasing.

Investment Activity Highlights

•Development Pipeline: The Company’s development pipeline consists of seven properties totaling 1.0 million square feet that were 73% leased as of March 31, 2026. These projects represent a total estimated investment of $508 million, of which $139 million was spent as of March 31, 2026. The Company added two new investments to the development pipeline during the quarter totaling 387,000 square feet that are 61% pre-leased and represent $201 million in committed capital.

•Acquisition: Subsequent to the quarter, on April 23, 2026, the Company acquired approximately 17 acres of land for approximately $43 million, subject to a ground lease on which two buildings at Mission Ridge 1 + 2, located at 15020 and 15030 Conference Center Drive in Chantilly, Virginia, have been developed. The buildings are fully leased to the U.S. Government and defense contractors.

Balance Sheet and Capital Transaction Highlights

•On March 16, 2026, the Company repaid at maturity $400 million in 2.25% Notes, using the remaining excess available cash and cash equivalents from prefunding this debt maturity with a new bond issuance in 2025 and borrowings under our Revolving Credit Facility.

•For the quarter ended March 31, 2026, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.3x.

•At March 31, 2026, the Company’s net debt to in-place adjusted EBITDA ratio was 6.1x and its net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio was 5.9x.

•At March 31, 2026, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.8% with a weighted average maturity of 4.5 years (assuming exercise of available extension options), and 85% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its first quarter 2026 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT Defense’s Investors website:

https://investors.copt.com/financial-information/financial-results

iii

2026 Guidance

Management is revising and increasing the midpoint of its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability of $1.21-$1.29 and $2.71-$2.79, respectively, to new ranges of $1.24-$1.30 and $2.73-$2.79, respectively. Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.31-$0.33 and $0.68-$0.70, respectively. Reconciliations of projected diluted EPS to projected diluted FFOPS, in accordance with Nareit and as adjusted for comparability, are as follows:

Reconciliation of Diluted EPS to FFOPS, per Nareit,

and As Adjusted for Comparability

Quarter Ending June 30, 2026 Year Ending December 31, 2026

Low High Low High

Diluted EPS $ 0.31 $ 0.33 $ 1.24 $ 1.30

Real estate-related depreciation and amortization 0.37 0.37 1.50 1.50

Gain on sales of real estate — — (0.01) (0.01)

Diluted FFOPS, Nareit definition and as adjusted for comparability $ 0.68 $ 0.70 $ 2.73 $ 2.79

The Company detailed its initial full year guidance, with supporting assumptions, in a separate press release issued February 5, 2026; that release can be found in the ‘News & Events – Press Releases’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/press-releases

Conference Call Information

Management will discuss first quarter 2026 results on its conference call tomorrow, details of which are listed below:

Conference Call Date: Tuesday, April 28, 2026

Time: 12:00 p.m. Eastern Time

Participants must register for the conference call at the link below to receive the dial-in number and personal pin. Registering only takes a few moments and provides direct access to the conference call without waiting for an operator. You may register at any time, including up to and after the call start time:

https://register-conf.media-server.com/register/BIe115c1b620434f18ba2fd85f99acc54d

The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/ir-calendar

Replay Information

A replay of the conference call will be immediately available via webcast only on COPT Defense’s Investors website and will be maintained on the website for approximately 90 days after the conference call.

Definitions

For definitions of certain terms used in this press release, please refer to the information furnished in the Company’s Supplemental Information Package furnished on a Form 8-K which can be found on its website (www.copt.com). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.

About COPT Defense

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of March 31, 2026, the Company’s Defense/IT Portfolio of 201 properties, including 24 owned through unconsolidated joint ventures, encompassed 23.2 million square feet and was 96.4% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan,” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates, and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates, and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates, and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

COPT Defense Properties

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

For the Three Months Ended March 31,

2026 2025

Revenues

Lease revenue $ 192,971 $ 175,308

Other property revenue 1,625 2,289

Construction contract and other service revenues 6,041 10,259

Total revenues 200,637 187,856

Operating expenses

Property operating expenses 81,435 72,040

Depreciation and amortization associated with real estate operations 42,685 39,359

Construction contract and other service expenses 5,552 9,705

General and administrative expenses 8,456 8,148

Leasing expenses 2,994 2,999

Business development expenses and land carry costs 1,199 1,009

Total operating expenses 142,321 133,260

Interest expense (23,996) (20,504)

Interest and other income, net 3,955 1,568

Gain on sales of real estate 582 300

Income before equity in income of unconsolidated entities and income taxes 38,857 35,960

Equity in income of unconsolidated entities 1,406 371

Income tax expense (124) (103)

Net income 40,139 36,228

Net income attributable to noncontrolling interests

Common units in the Operating Partnership (“OP”) (812) (726)

Other consolidated entities (771) (762)

Net income attributable to common shareholders $ 38,556 $ 34,740

Earnings per share (“EPS”) computation

Numerator for diluted EPS

Net income attributable to common shareholders $ 38,556 $ 34,740

Amount allocable to share-based compensation awards (161) (143)

Numerator for diluted EPS $ 38,395 $ 34,597

Denominator

Weighted average common shares - basic 112,806 112,383

Dilutive effect of share-based compensation awards 1,031 643

Dilutive exchangeable debt 472 —

Weighted average common shares - diluted 114,309 113,026

Diluted EPS $ 0.34 $ 0.31

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands, except per share data)

For the Three Months Ended March 31,

2026 2025

Net income $ 40,139 $ 36,228

Real estate-related depreciation and amortization 42,685 39,359

Gain on sales of real estate (582) (300)

Depreciation and amortization on unconsolidated real estate JVs 742 741

Gain on sale of real estate on unconsolidated real estate JV (1,146) —

Funds from operations (“FFO”) 81,838 76,028

FFO allocable to other noncontrolling interests (1,131) (1,158)

Basic FFO allocable to share-based compensation awards (603) (530)

Basic FFO available to common share and common unit holders (“Basic FFO”) 80,104 74,340

Diluted FFO adjustments allocable to share-based compensation awards 64 53

Diluted FFO available to common share and common unit holders and as adjusted for comparability 80,168 74,393

Straight line rent adjustments and lease incentive amortization (1,330) (1,699)

Amortization of intangibles and other assets included in net operating income (“NOI”) 60 162

Share-based compensation, net of amounts capitalized 3,186 2,854

Amortization of deferred financing costs 832 667

Amortization of net debt discounts, net of amounts capitalized 1,217 1,051

Replacement capital expenditures (19,205) (21,464)

Other 156 81

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”) $ 65,084 $ 56,045

Diluted FFO per share $ 0.69 $ 0.65

Diluted FFO per share, as adjusted for comparability $ 0.69 $ 0.65

Dividends/distributions per common share/unit $ 0.32 $ 0.305

vii

COPT Defense Properties

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

March 31,

2026 December 31,

2025

Balance sheet data

Properties, net of accumulated depreciation $ 3,802,976 $ 3,783,477

Total assets $ 4,458,909 $ 4,701,790

Debt per balance sheet $ 2,546,958 $ 2,767,834

Total liabilities $ 2,867,138 $ 3,114,115

Redeemable noncontrolling interest $ 25,130 $ 25,506

Total equity $ 1,566,641 $ 1,562,169

Debt to assets 57.1 % 58.9 %

Net debt to adjusted book 40.6 % 40.5 %

Defense/IT Portfolio data (as of period end)

Number of operating properties 201 201

Total operational square feet (in thousands) 23,167 23,159

% Occupied 95.6 % 95.5 %

% Leased 96.4 % 96.5 %

For the Three Months Ended March 31,

2026 2025

GAAP

Payout ratio

Net income 92.5 % 97.2 %

Debt ratios

Net income to interest expense ratio 1.7 x 1.8 x

Debt to net income ratio 15.9 x 16.6 x

Non-GAAP

Payout ratios

Diluted FFO 46.0 % 47.0 %

Diluted FFO, as adjusted for comparability 46.0 % 47.0 %

Diluted AFFO 56.6 % 62.4 %

Debt ratios

Adjusted EBITDA fixed charge coverage ratio 4.3 x 4.7 x

Net debt to in-place adjusted EBITDA ratio 6.1 x 6.1 x

Net debt adjusted for fully-leased investment properties to in-place adjusted EBITDA ratio 5.9 x 6.0 x

Reconciliation of denominators for per share measures

Denominator for diluted EPS 114,309 113,026

Weighted average common units 2,063 2,047

Denominator for diluted FFO per share and as adjusted for comparability 116,372 115,073

viii

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended March 31,

2026 2025

Numerators for payout ratios

Dividends on unrestricted common and deferred shares $ 36,134 $ 34,318

Distributions on unrestricted common units 711 661

Dividends and distributions on restricted shares and units 267 236

Total dividends and distributions for GAAP payout ratio 37,112 35,215

Dividends and distributions on antidilutive shares and units (257) (237)

Dividends and distributions for non-GAAP payout ratios $ 36,855 $ 34,978

Reconciliation of net income to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA, and in-place adjusted EBITDA

Net income $ 40,139 $ 36,228

Interest expense 23,996 20,504

Income tax expense 124 103

Real estate-related depreciation and amortization 42,685 39,359

Other depreciation and amortization 416 542

Gain on sales of real estate (582) (300)

Adjustments from unconsolidated real estate JVs 650 1,518

EBITDAre 107,428 97,954

Credit loss (recoveries) expense (369) 515

Business development expenses 802 593

Executive transition costs — 57

Net gain on other investments (29) —

Adjusted EBITDA 107,832 99,119

Pro forma NOI adjustment for property changes within period — 786

Change in collectability of deferred rental revenue 86 1,232

In-place adjusted EBITDA $ 107,918 $ 101,137

Reconciliations of tenant improvements and incentives, building improvements, and leasing costs for operating properties to replacement capital expenditures

Tenant improvements and incentives $ 15,899 $ 13,758

Building improvements 1,142 1,872

Leasing costs 1,547 3,461

Net additions to tenant improvements and incentives 924 3,538

Excluded building improvements (307) (201)

Excluded leasing costs — (964)

Replacement capital expenditures $ 19,205 $ 21,464

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended March 31,

2026 2025

Reconciliation of interest expense to the denominator for fixed charge coverage-Adjusted EBITDA

Interest expense $ 23,996 $ 20,504

Less: Amortization of deferred financing costs (832) (667)

Less: Amortization of net debt discounts, net of amounts capitalized (1,217) (1,051)

Scheduled principal amortization 397 461

Capitalized interest, excluding amortization of deferred financing costs 1,679 927

Denominator for fixed charge coverage-Adjusted EBITDA $ 24,970 $ 20,926

Reconciliation of net income to NOI from real estate operations, same property NOI from real estate operations, and same property cash NOI from real estate operations

Net income $ 40,139 $ 36,228

Construction contract and other service revenues (6,041) (10,259)

Depreciation and other amortization associated with real estate operations 42,685 39,359

Construction contract and other service expenses 5,552 9,705

General and administrative expenses 8,456 8,148

Leasing expenses 2,994 2,999

Business development expenses and land carry costs 1,199 1,009

Interest expense 23,996 20,504

Interest and other income, net (3,955) (1,568)

Gain on sales of real estate (582) (300)

Equity in income of unconsolidated entities (1,406) (371)

Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income of unconsolidated entities 2,056 1,889

Income tax expense 124 103

NOI from real estate operations 115,217 107,446

Non-Same Property NOI from real estate operations (4,836) (400)

Same Property NOI from real estate operations 110,381 107,046

Straight line rent adjustments and lease incentive amortization 677 (1,811)

Amortization of acquired above- and below-market rents 80 64

Lease termination fees, net (1,212) (834)

Tenant funded landlord assets and lease incentives (3,318) (3,413)

Cash NOI adjustments in unconsolidated real estate JVs (355) (260)

Same Property Cash NOI from real estate operations $ 106,253 $ 100,792

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

March 31,

2026 December 31,

2025

Reconciliation of total assets to adjusted book

Total assets $ 4,458,909 $ 4,701,790

Accumulated depreciation 1,721,016 1,682,367

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs 227,989 228,656

COPT Defense’s share of liabilities of unconsolidated real estate JVs 82,353 82,039

COPT Defense’s share of accumulated depreciation and amortization of unconsolidated real estate JVs 16,583 16,000

Less: Property - operating lease liabilities (43,768) (45,012)

Less: Property - finance lease liabilities (752) (363)

Less: Cash and cash equivalents (28,580) (274,986)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898)

Adjusted book $ 6,432,520 $ 6,388,593

March 31,

2026 December 31,

2025 March 31,

2025

Reconciliation of debt to net debt and net debt adjusted for fully-leased investment properties

Debt per balance sheet $ 2,546,958 $ 2,767,834 $ 2,412,670

Net discounts and deferred financing costs 21,946 23,466 21,886

COPT Defense’s share of unconsolidated JV gross debt 75,250 75,250 53,750

Gross debt 2,644,154 2,866,550 2,488,306

Less: Cash and cash equivalents (28,580) (274,986) (24,292)

Less: COPT Defense’s share of cash of unconsolidated real estate JVs (1,230) (1,898) (1,766)

Net debt 2,614,344 2,589,666 2,462,248

Costs incurred on fully-leased development properties (82,576) (8,226) (27,499)

Net debt adjusted for fully-leased investment properties $ 2,531,768 $ 2,581,440 $ 2,434,749

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Apr. 27, 2026

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COPT DEFENSE PROPERTIES

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